all five of them had microsoft, johnson & johnson, four of them had wells fargo and pfizer. the point is, this person is thinking he is diversified. this happens so much. they have these big valley famif mutual funds and all these different names and new america fund and mount everest fund. they all have the same stocks. lori: seriously, the stock market is on a tear. so how does that the question to ask this climate where investors are managers charging higher fees. charles: i would rather know how well a fund is diversified, how well the manager has done. paying low fees and a mediocre fund gives the mediocre returns. while the fees are important, unless it is a hedge fund. there are so many out there. hedge funds charging 2% to manage it, 20% of profits. underperforming the market huge, big time this year like 5 million miles for people who have given money to hedge funds have gotten a raw end of the deal. make sure you really differs a five. adam: don't miss liz claman's interview with david novak. ceo and chairman on "countdown to the closing bell." taking place today o